Estate Planning Essentials: February 2020
Chambliss Estate Planning Essentials brings you legal developments and other trends of vital interest in the world of estate planning. This post is brought to you by the Estate Planning Group of Chambliss Law Firm.
Chambliss Monthly Editorial
Top 10 Tax Planning Tips for 2020
by Rachel Ragghianti, CPA and Sarah Johnson, CPA
Tax season is right around the corner, but good tax planning takes place all year long! See below for some of our favorite tips and tricks. These cover a variety of areas including charitable giving, estate tax exemptions, organizing tax files, and how to treat some payments made to caregivers, household workers, medical providers, and educational institutions. [Click to read the full story.]
If Your Estate Plan Includes IRAs, a New Law Means It Is Time to Reevaluate
Both workers and retirees may need to rethink some of their estate planning in light of a new law that has made major changes to retirement plans, including inherited plans.
Understanding the Differences Between a Living Trust and an Irrevocable Trust
Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.
Accounting for Gifts and Loans to Children in Your Estate Plan
No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others.
Bank Pays Price for Refusing to Honor Request Made Under a Power of Attorney
Bank of America refused to honor a Florida man’s power of attorney and paid a stiff price, but the case also raises the issue of the proper use of joint bank accounts in estate planning.